| Newsletter |
NOVEMBER 2009 NEWSLETTER
The Anna Maria Island Real Estate Market continues to show strong and consistent improvement for 2009. Sales for October were over 200% of October 2008 sales. October Y-T-D sales for 2009 are equal to sales for the same period in 2008. The consistently strong monthly sales for the second half of 2009 have risen from 32% behind 2008 sales (at mid-year) to even with 2008 sales through October 2009. Pended sales are strong at 57, & 2009 is on-track to exceed 2008 sales.
Distressed properties are up @ 35. Of the 12 single family distressed properties, 11 are short sales & 9 are listed between $199K and $599K. Of the 18 distressed condos, 17 are short sales and 15 are listed between $99K and $415K. AMI inventory has decreased to its current 500. The AMI normal balance of for sale inventory is between 450 and 500 properties. Inventory below 400 will turn into a sellers market, as the demand will outstrip the supply.
Real Estate taxes came down in 2008 for most properties & likely will come down again for 2009. Assessed values for the three cities on the island are down from 2008. Bradenton Beach 2009 assessed value is down 16.63% from last year, the highest of the three cities. The City of Anna Maria is down 9.08% and Holmes Beach is down 8.66%. Manatee County (the majority of the tax) plans to use reserves to make up most of the short fall for the county. All three Island cities plan to keep their millage rates at or near where they currently are. RE Taxes should go down again for 2009, since assessed values are down for most properties.
Rental income is up significantly over last year mostly due to all the continued good press Anna Maria Island is getting around the country and around the world. The latest was an article in Islands Magazine that picked islands around the world by category such as Best unplugged Experience (Kauai), Best for History Lessons (Capri), Best for Family Reunions (Virgin Gorda)….etc. and the winner for Best Quaint Island (Anna Maria Island)…..we knew that. Also, the Washington Post travel section has been running a series on Florida west coast beaches and Anna Maria Island got a lot of great press.
To summarize the AMI market: sales have surged the second half of this year to make up The June 35% deficit to match 2008 sales through October Y-T-D. We expect a continued strong performance for the last two months of the year & 2009 sales will exceed 2008 by at least 10%.
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